Coupang Still Working Through Farfetch Acquisition
Aug 13, 2024
Coupang's Q2 results were good, with revenues up 25.4%, an acceleration from +22.6% in Q1. 18% of that growth was organic, not including the contributions from Farfetch which was acquired in late Q1. Product customers grew 12%, and Coupang's "Developing Offerings" (which includes Coupang Eats, Play, Fintech, and its Taiwanese efforts) expanded 180%. Gross margins were also good, up about 3% to 29.3%. We are still seeing the firm work through costs related to Farfetch - the quarter was just barely GAAP profitable, and cash profitability continues to trend below pre-acquisition levels. We will keep an eye on this, but I'm not overly concerned about it right now. The fair value gets a couple dollar bump up to $23.50.
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